If there is a recession in OECD countries, it will be dramatic

The return of the unemployment rate to the level of the structural unemployment rate will inevitably lead to a growth slowdown in OECD countries. But if a combination of factors (decline in investment and exports, rise in the savings rate) led no t to a slowdown but to a recession, it is to be feared that it would be severe due to: The lack of leeway for countercyclical (fiscal and monetary) policies; The high level of debt ratios and real estate prices.